Smart Start Business Development Grant Program

About

Portsmouth, Virginia small businesses and non-profits that have operated for 0-3 years can apply for up to $2,000 to support eligible organizational development, resiliency, and business-expense needs.

Benefits

• 💰Maximum grant award
  Up to $2,000 per approved application, subject to Portsmouth EDA Board approval and availability of program funds.
• ✅Eligible cost support
  Grant funds may support eligible activities such as professional and third-party services, small-scale production or manufacturing equipment, technology and digital infrastructure, and business furniture and fixtures, subject to program guidelines.
• 🔁One-time funding
  Recipients may receive Smart Start funding only once under the program.

Eligibility Criteria

• Mandatory: new and recently established for-profit small businesses or non-profit organizations with operations based in the City of Portsmouth, Virginia
• Mandatory: in operation for 0-3 years as evidenced by a City of Portsmouth business license
• Mandatory: 10 full-time equivalent (FTE) or fewer positions
• Mandatory: co-working space mailbox applicants must prove Portsmouth residency with a 12-month residential lease or proof of home ownership
• Mandatory: co-working space tenants must have a minimum 12-month lease and submit a copy of the lease
• Mandatory: home-based businesses must provide proof of Portsmouth residency
• Mandatory: businesses must be current with City of Portsmouth taxes and fees
• Mandatory: local, state, or federal government entities, religious organizations, and residential-use businesses are prohibited from applying

Participation Commitments

• Mandatory pre-application step: complete Santa Clara University's My Own Business Plan Institute (MOBI) online course or provide documentation of completion of an approved equivalent certification course
• Submit a complete application with required documentation, including IRS Form W-9, Portsmouth Vendor Registration Form Rev 1-30-2024, copy of City of Portsmouth business license, copy of Articles of Organization from the Virginia SCC, MOBI or approved equivalent completion documentation, a complete business plan using the MOBI Business Plan Template, two quotes per product or service to be purchased with grant funding, and financial statements
• Enter into a Grant Agreement with the Portsmouth EDA if approved
• Begin eligible grant-funded business activities no later than 30 days from issuance of the grant award letter and complete them within 90 days, with possible case-by-case 90-day extensions
• Expend grant funds within 90 days of award
• Notify Portsmouth Economic Development in writing in advance of any change to the use of grant funds
• Recipients may receive funding only once under the program, and no more than two grant applications may be submitted per business principal within a five-year period
• FY2027 application rounds are scheduled for 1-31 July 2026, 1-31 October 2026, 1-31 January 2027, and 1-30 April 2027

Target Sector

Agriculture & Food, Defense & Security, Education, Energy & Utilities, Financial Services, Government & Public Sector, Healthcare & Life Sciences, Manufacturing, Media & Entertainment, Real Estate & Construction, Retail & Consumer, Semiconductors & Electronics, Sports & Fitness, Telecommunications, Transportation & Logistics, Travel & Hospitality, Other

Target Location

Applicant businesses must have operations based in the City of Portsmouth, Virginia, USA. Co-working space mailbox applicants must prove Portsmouth residency with a 12-month residential lease or proof of home ownership; co-working space tenants must have a minimum 12-month lease; home-based businesses must provide proof of Portsmouth residency. The opportunity is based in Portsmouth, Virginia, USA, not Australia.